Shame ex Lloyds Banking boss who earns millions when Funding Circle floats

Windfall: Eric Daniels orchestrated Lloyds & # 39; disastrous takeover of rival HBOS

Shame ex Lloyds Banking boss set to earn £ 3.3 million when web-based lender Funding Circle floats

City & Finance Reporter for the Daily Mail

Windfall: Eric Daniels orchestrated Lloyds & # 39; disastrous takeover of rival HBOS

Windfall: Eric Daniels orchestrated Lloyds & # 39; disastrous takeover of rival HBOS

Disappointed former boss of Lloyds Banking Group could earn millions of pounds when Fintech estimates Funding Circle to be listed on the stock exchange in the coming weeks.

Eric Daniels, who orchestrated Lloyds' disastrous takeover of rival HBOS during the financial crisis that left the bank and needed a tax saving of £ 20 billion, is an investor and director of the peer-to-peer lender.

He holds a 0.2 percent stake in the company, which is expected to be worth £ 3.3 million if it appears on the stock market.

The 67-year-old was expelled from Lloyds in 2011 with a £ 5 million pot and later won a legal claim to recover his final stock bonus of up to £ 1.4 million.

Thousands of Lloyds 'shareholders complain to the bank after its shares collapsed when the extent of HBOS' bad debts loomed.

Advertisement

.